My last note was entitled Happiness = Reality – Expectations The most opened links were the Eric Schmidt video on AI’s impact and the #1 skill to teach kids to be successful.
I received countless emails, texts and calls checking up on my condition due to my kidney stones. It has been a challenging time with too many visits to doctors and hospitals. Saturday morning at about 7 am, the stone passed in what was a huge relief. Thank you for your support and well wishes. Trust me, my next report will shed light on what transpired that put me through the wringer.
I like to think the Rosen Report impacts people’s lives in a positive way. It may be informative to some, a fun read to others, or something that educates readers on a variety of topics. I like to think the Rosen Report should be a critical part of everyone’s life and the email I received from a reader proves the report has considerable value. The new tag line for the RR, “Read the Rosen Report, or you could die!’ My editor suggested I add a health section and did that a few months ago. Riley, we are saving lives. To my reader friend, I think it would be appropriate to cut me into your will.
I wanted to thank you for the impact the Rosen Report has had on my life and my health. I clicked on the article recently on "subtle signs of skin cancer" and it warned about bleeding from certain spots. I immediately got it checked, and the spot was precancerous. I am now getting it frozen and dealt with easily because it was spotted early.
Thank you again!
Markets
Impact of AI on Employment
US Consumer Delinquency Chart
Global Wealth
10 Songs That Flopped & Became Hits
GS on US Mortgage Rate Projections
Florida Insurance Update
Pompano Beach, FL Getting REAL
Picture of the Day-Never Quit 7-Year-Old
I often write about heart and work ethic. Having a competitive spirit and not wanting to lose makes you a winner in my eyes. I achieved success thanks to my work ethic and desire to win, and I want to surround myself with people who share those traits. This short video shows a 7-year-old girl in a rollerblade race. She falls at the start, but she never quits. She picks herself up and fights back to the front of the pack to win despite seeming to be out of the race in the initial seconds. Lots of lessons to be learned here folks. Share the video with the kids. As my wise mother always said, “A winner never quits, and a quitter never wins.” Not surprisingly, the video is from China where they instill a serious work ethic and never quit attitude at an early age.
Sushi Nakazawa
I have been consistent in my frustration with food choices in the Palm Beach area (or the lack thereof) which is also known as a culinary wasteland of epic proportions. Yes, if you go to Miami there are more interesting options today. When it comes to sushi, it is hard for most cities in the US to compete with NYC. Palm Beach is a 2 out of 10 on the sushi scale.
I have been to Nakazawa in the West Village a handful of times, but it had been years. I took my son Jack after his internship to show him what a high-quality omakase experience looks like. Although there was no room at the sushi bar (preferred seating), we sat in the small dining room and ordered the $220/person Chef’s Special Omakase, which is a total of 20 courses. They also offer the $160 omakase without the three appetizers which begin the Chef Special. Of note, the price includes a standard gratuity. Everything about Nakazawa is first class and the service is remarkable. There is a reason it gets a Michelin Star.
In a funny turn of events, I do not have pictures of every course because the food was so stunningly prepared that I ate it before I could take a picture. The Chef’s Special starts with three appetizers. The tuna tartare was fantastic and looked like a work of art. The quality of the fish is a different level at Nakazawa relative to your solid, local sushi joint. The next dish was a Japanese sea bream that took the evening up a notch. The light dish melted in my mouth. The fish had a sauce consisting of tomatoes, rice wine vinegar, and shio koji. I wanted to lick the plate clean but felt that would be inappropriate. It is hard to get all the sauce with chopsticks! From there, the attentive and knowledgeable wait staff brought out soy poached cod with mustard greens and daikon. Again, Jack and I made the “Clean Plate Club.”
The salmon course was up next and included a shih tzus salmon and a king salmon. This fish literally melted in your mouth and was among the best salmon I ever tried. Up next was the scallop, squid, and prawn. Sadly, the scallop did not make the picture because it ended up in my tummy before I could take a photo.
The next course was amazing and included a Japanese chicken grunt fish, goldeneye snapper, and Japanese mackerel. The offerings at these Michelin Star restaurants not only are the highest quality sushi with stunning presentation, but they also offer dishes you don’t find in many sushi restaurants.
Generally, my favorite course is the tuna and Nakazawa did not disappoint. The zuke akami is a lean and lightly seared tuna in soy sauce and was fantastic, but my least favorite of the tuna course. The Chu-toro is a medium fatty tuna belly and again was sublime. The O-toro is the fattiest cut of bluefin tuna and offers a rich and buttery flavor.
Sadly, the amberjack and skipjack were not pictured, as I also ate them before I could take a photo. Up next was the soy marinated salmon roe. I am generally not a huge caviar eater given the saltiness, but this was pretty darn good. The seared fluke was next and again was melting in your mouth. The last course included a saltwater eel and the signature egg dish (not pictured).
Dessert was piping hot green tea and fruit.
Nakazawa has been a Michelin Star restaurant for a number of years for good reason. Nothing is missing from this restaurant and despite a cost of $220/person, I did not feel it was unfairly priced for the quality and quantity of food. There is an ample wine and sake list as well. The general manager, John Shin, has been there for 10 years and many of the staff has been there as long or longer, and it shows.
Jack was grinning from ear to ear as he rarely gets the opportunity to eat such amazing sushi. He keeps asking when we can experience other sushi restaurants of this caliber. Truth be told, I was pretty fired up as well. Although I do not miss living in NYC, I do long for the amazing restaurant choices, especially below 14th Street. I was having a fantastic meal with my boy who is off to Wake Forest in 73 days (but who is counting).
If you enjoy high quality sushi and are willing to pay for it and the amazing service, Nakazawa is the place for you.
Food 9.2
Ambiance 8.5
Service 9.5
Cost-Expensive but worth it for the food and experience it is reasonable
Quick Bites
Stocks rallied Friday on stronger than expected payroll data showing 139k relative to the 125k estimate. However, the stronger payroll data pushed Treasury yields higher with the 10 and 30-year Treasury bonds to 4.51% (+12bps) and 4.97% (+9bps) respectively, as higher payrolls is inflationary, which makes it harder for the Fed to cut rates. We continue to see frequent downward revisions in the payroll data, and that’s been the case every month during Trump’s presidency. With Friday’s move, stocks rallied sharply on the week with the S&P and Nasdaq up 1.5% and 2.2% respectively. I found this chart from the FT concerning. I had not realized how close the historic correlation between the US dollar and the yield on the 10-year Treasury had been and has recently decoupled. Clearly, the Trump administration’s policies are playing a big role.
I have written extensively about productivity gains and the impact of AI/robotics on future efficiency. Robet Smith, the CEO of Vista Partners, expects AI to have an outsized impact on employment. “We think that next year, 40% of the people at this conference will have an AI agent and the remaining 60% will be looking for work,” the company’s founder said in comments on Thursday at the SuperReturn International private capital conference in Berlin. Thousands of private markets professionals have descended on Berlin for the annual event to discuss the biggest topics affecting their industry. Artificial intelligence has dominated conversations as firms look to create value in their portfolio companies. “There are 1 billion knowledge workers on the planet today and all of those jobs will change,” Smith said, speaking about the impact of AI. “I’m not saying they’ll all go away, but they will all change.” I do believe there will be massive disruption over the next five years, but do not think it will be as severe by next year as Smith suggests.
Global wealth surged in 2024, with the number of millionaires across the world hitting a record 23.4 million. The annual World Wealth Report from Capgemini, an information technology services and consulting group, shows the number of people with at least US$1 million in investable assets grew 2.6% in 2024, driven in large part by gains in American stock portfolios. The US alone added 562,000 millionaires, a 7.6% increase from the year prior, as enthusiasm for artificial intelligence and interest rate cuts drove huge advances in the American stock market. The gains were biggest among ultra-high-net-worth individuals – defined as having at least US$30 million in investable assets – with their wealth jumping nearly 12%t in the US. The gap between the wealthy and the less fortunate continues to grow. I am not sure it is sustainable.
Interesting article about 10 songs that flopped on release only to become big hits later. Each song has a brief story about it on what happened initially and then when it became popular. I love Queen and Bohemian Rhapsody, but radio stations felt it was too long and odd to play it. It was featured in Wayne’s World in 1992 and now the song has over 1.5bn views on YouTube.
Tariffs
Politics
In my early January report, I made 2025 predictions, and my first one was a falling out between Trump and Musk. I think it is safe to say that one played out spectacularly over the past few days with salacious Epstein accusations, name calling, Musk threatening to decommission Dragon, threats of federal funding cuts against Musk, and Bannon suggesting SpaceX be seized by the federal government. However, Musk toned things down and is open to a cooling off period, but not before Musk floated the idea of a third political party. Trump is not interested in a call with Musk according to CNBC and he wants to dump the Tesla he bought. Musk wants Trump impeached and suggests he will cause a recession. Trump hinted at Musk’s alleged drug use. This is like a soap opera! I agree with Musks concerns about the bill, but I do not agree how he decided to play this out so publicly. If history is any indication, this could get ugly for Musk.
From bromance to bitter feud — a timeline of Trump and Musk’s relationship
Trump says Elon Musk will face ‘serious consequences’ if he backs Democratic candidates
Elon Musk appears to delete some explosive X posts amid feud with Trump
Musk whips opposition to Trump tax plan: ‘KILL the BILL’
I am in complete agreement with Musk on the spending bill and deficits. We must be more fiscally responsible. Both parties are growing the deficit.
Tesla shares tank 16% as Musk-Trump spat escalates.
Tesla lost $152bn in market cap on the dqy. To put that into perspective, that is the size of BlackRock.
Trump presses Fed chief Powell to cut interest rate by full point despite strong jobs report
With Treasury yields sharply higher and fears of inflation between payroll data and tariffs, there is no chance the Fed is cutting 1%.
Trump preparing large-scale cancellation of federal funding for California
Trump activates National Guard after L.A.-area protests
California Gov. Gavin Newsom (D) condemned the move, saying it “will only escalate tensions.”
Basically, the courts suggested reverse discrimination is discrimination. Shocking it took the Supreme Court to figure that out. The ruling was UNANIMOUS! I fully support this decision. The most qualified person should get the job, raise, or promotion.
Trump bans citizens of 12 countries from entering the U.S.
The proclamation applies to citizens of Afghanistan, Myanmar, Chad, Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen.
'Border Czar' Tom Homan Warns Terror Attacks Imminent: Two Million "Paid More" To Enter Anonymously
I have written about my concerns around open borders and have often wondered how many “bad actors” have come into the country. Homan did not put me at ease.
Columbia University fails to meet accreditation standards, Education Department alleges
Trump administration threatens to pull $4 billion from California high-speed rail project
What a disaster project. Why are other developed countries so much more efficient at building infrastructure?
‘Wake-up call’: Ukraine drone strike exposes dangers to US aircraft
Kyiv’s devastating attacks on Russia underscore how easily cheap drones can cripple an air force, including America’s
Trump directs probe into Biden’s use of autopen, Biden says policy decisions were his
Los Angeles Passes New $30 Minimum Wage For Hotel And Airport Workers
The law requires not only a $30 minimum wage by 2028, but also $8.35 hourly in required benefits spending—for an effective wage of nearly $40 an hour. An Oxford Economics study on the mandate found that 15,000 hospitality and construction jobs would be eliminated, with $342 million in construction spending halted and nearly $170 million in tax revenue lost.
Middle East
IDF airstrike kills head of Palestinian jihadist group that helped Hamas kidnap, murder on Oct. 7
Iran Orders Material From China for Hundreds of Ballistic Missiles
Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’
Harvard Gives Honorary Degree to Berkeley Boycott-Israel Advocate
If Harvard and Columbia are in such dire need of federal funding, why are they constantly allowing for antisemitic behaviors on campus?
Feds warn about threats to Israeli and Jewish institutions and supporters in U.S.
Auburn basketball coach accuses Carville of spreading ‘hatred’ with statements about Jewish donors
Read Carville’s comments. Obnoxious.
Other Headlines
BlackRock’s Larry Fink sounds alarm over rising US red ink
Wall Street titans increasingly voicing concerns about prospects of a higher deficit due to government spending. ‘If we cannot unlock the growth and if we’re going to continue to stumble along at a 2% economy, the deficits are going to overwhelm this country.’ No one has been more on top of deficits, spending, entitlement reform… than I have been in the past four years.
Fed ‘Beige Book’ economic report cites declining growth, rising prices and slow hiring
Corporate layoffs have ramped up in recent weeks. Here are the companies making cuts
British fintech Wise to move primary listing to the U.S. in blow to London stock exchange
Chinese-made solar panels used on American farms puts US power grid at risk
MongoDB jumps 15% after company boosts guidance, cites confidence in cloud-based database service
DocuSign stock tanks 18% after company cuts billings outlook
Company beat on revenues and earnings and slightly pulled back guidance.
Five arrested in NYC as mob tries to block feds from conducting immigration raids
Scientists claim to have evidence Adam and Eve really did exist
Don’t charge your phone at airport USB ports, warns the TSA
I agree 100%.
Aaron Rodgers finally confirms Pittsburgh Steelers move in $20 million contract announcement
See what’s on the menu at 3 of NYC’s hottest new restaurants for summer 2025
Health
How to choose the best sleeping position for you, according to the experts
Why women should drink no more than six glasses of wine a year
Can you hold a plank longer than others your age? Fox hosts test their core strength
"Gasping": Scientists Make Breakthrough Toward Full Cure for HIV
Subtle warning signs of 'silent disease' 16m Americans are living with and don't know (liver disease)
Longevity doctor: ‘Every single day I try to get at least 30 to 40 grams of fiber in my diet’
Real Estate
Uncertainty is running high among prospective homebuyers as elevated mortgage rates have pushed buying conditions to the worst levels in decades. While many are hoping for rate relief in the second half, a new Goldman "Housing and Mortgage Monitor" report suggests that relief is unlikely anytime soon. Goldman analysts, led by Vinay Viswanathan, have revised their year-end forecast for 30-year conforming mortgage rates to 6.75%, up from a prior estimate of 6.1%, reflecting a higher rate environment through year's end. The current yield on the 30-year mortgage rate currently trends around 6.94%, according to Bankrate data.
I have written about sky-rocketing insurance rates in South Florida and California due to hurricanes and fires. This Bloomberg article outlines the improvements made in Florida on the subject of homeowner’s’ insurance. Florida has made major strides since its property insurance crisis a few years ago, when some companies failed and others abandoned the state. Carriers have
started turning profits again, new insurers are entering the market, and premiums have stabilized. Climate change isn’t going away, but new insurers are testing the notion that they can manage the risks with better underwriting technology and legislative reforms. The forthcoming initial public offering from Slide Insurance Holdings Inc., which comes to market at the start of the Atlantic hurricane
season, is perhaps the clearest test for that thesis. Slide’s investment pitch seems to be twofold: that it has better underwriting technology than its peers; and that
the legislative reforms of the past few years have reduced excess litigation toward insurance companies and, thus, dramatically improved the risk-reward of doing business in the state. Since 2022, the legislature has taken steps to end what had been characterized as a cottage industry of frivolous lawsuits and even outright insurance fraud. Remember to call Kevin Lang at Lang Insurance 1 (866) 964-4434 for all your property and casualty needs in all 50 states. So many of my readers have switched and thanked me for it. He saved me real money and is on top of everything.
Pompano Beach, Florida is just south of Boca Raton and has historically been considered a far lower caliber zip code. However, exciting new projects are being developed in Pompano and real money is being spent in that community. I think Pompano will be a much different place in the next five years. Case in point: the new Waldorf Astoria residences in Pompano Beach. Another example is the Ritz Carlton Residences in Pompano Beach. Others include the W Residences, Salato, CasaMar, ArmaniCasa, among others. I just could not have envisioned these projects when I moved down to Boca Raton in 2017.
© 2025 The Rosen Report LLC. All rights reserved. Does not constitute investment, financial, legal, or tax advice. Consult with your lawyers and professional financial advisers. Rosen Report™ #791 ©Copyright 2025 Written By Eric Rosen.
